Many business owners review their insurance policies at renewal, but far fewer review the performance of the agent or broker who manages those policies. Over time, this can create gaps, inefficiencies, and unnecessary costs.
An agent or broker review is not about changing advisors for the sake of change. It is about ensuring your insurance strategy continues to align with your business, risk profile, and long-term goals.
Why Agent and Broker Reviews Matter
- Businesses Change Faster Than Insurance Programs
Operations evolve, revenue grows, new locations open, and services expand. Without regular review, insurance programs can lag behind reality, leaving exposures uninsured or misclassified.
A periodic agent review ensures your advisor understands how your business has changed and adjusts coverage accordingly.
- The Insurance Market Constantly Shifts
Carriers adjust underwriting appetite, coverage terms, pricing models, and exclusions. An agent who was effective five years ago may not be leveraging today’s best markets or negotiating terms aggressively.
A review evaluates whether your agent is staying current and advocating effectively on your behalf.
- Risk Profiles Become More Complex Over Time
Cyber risks, employment claims, supply chain disruptions, and regulatory exposure continue to grow. Many businesses remain underinsured simply because these risks were not prominent years ago.
A proper review identifies emerging risks and recommends coverage or operational solutions before losses occur.
- Claims Experience Reveals Strength or Weakness
How claims are handled is often the true test of an insurance advisor. Business owners should evaluate whether their agent provided guidance, advocacy, and follow-through during claims or simply submitted paperwork.
A review clarifies whether your agent is acting as a partner or a policy processor.
The Core Elements of an Effective Agent and Broker Review
A meaningful review should go beyond pricing and include the following key components.
- Business and Operations Overview
The review should begin with a detailed discussion of how your business operates today, not how it operated when the policy was first written.
This includes:
- Changes in revenue or payroll
- New services or products
- Property acquisitions or expansions
- Use of subcontractors or vendors
- Geographic growth
- Coverage and Limits Assessment
Your agent should evaluate whether current policies and limits reflect your actual exposure.
This includes reviewing:
- Liability limits and umbrella adequacy
- Property valuations and replacement cost accuracy
- Business income coverage assumptions
- Professional, cyber, and employment liability needs
- Contract and Lease Review
Many businesses unknowingly assume contractual obligations that exceed their insurance coverage.
A proper review includes:
- Lease requirements
- Client or vendor contracts
- Indemnification clauses
- Additional insured obligations
Your agent should confirm coverage aligns with contractual risk transfer.
- Claims Review and Loss Trends
Past claims often reveal future risk.
An effective agent review analyzes:
- Frequency and severity trends
- Root causes of losses
- Claims handling effectiveness
- Opportunities to reduce future claims
This discussion often leads to operational improvements and premium stability.
- Risk Management and Loss Control Strategy
Insurance alone does not control risk. A strong agent should provide or coordinate practical risk management support.
This may include:
- Safety programs and training
- Employee policies and procedures
- Vendor management strategies
- Cybersecurity best practices
- Market Strategy and Carrier Relationships
Your agent should explain:
- Which carriers are being used and why
- Alternative markets available
- Long-term placement strategy
- Opportunities to improve terms or stability
This transparency helps business owners understand how their program is positioned in the marketplace.
- Communication and Service Expectations
Finally, the review should clarify:
- How often reviews will occur
- Who handles claims and service issues
- How quickly the agency responds
- Proactive communication standards
Clear expectations lead to better long-term relationships.
The Real Value of a Periodic Review
An agent or broker review is not about finding the lowest premium. It is about ensuring your insurance program supports your business, protects your assets, and adapts as risks evolve.
When done correctly, reviews reduce surprises, improve claims outcomes, and strengthen financial resilience.
A Trusted Advisor Makes the Difference
Business owners benefit most from working with an insurance advisor who welcomes accountability, encourages transparency, and proactively reviews coverage not just at renewal, but throughout the year.
If your business has not conducted a comprehensive agent or broker review recently, now is the right time to ensure your coverage, strategy, and service are truly working for you.